Aug 24 2018

Trade idea for the day

USDINR: A negative divergence is seen on 30 minutes chart, which suggest the pair has limited upside for intraday. Immediate support of 50 period EMA is at 69.95

Our Preference: – Sell at 70.12-17

Target – 69.95

Stop loss – 70.25

EURINR: The pair looks to test its upward sloping short term resistance, which stood at around 81.30. Immediate support of 50 period EMA is at 80.97 and RSI (14) is above 50 mark, signalling a neutral to positive intraday stance.

Our Preference: – Buy at 81.00

Target – 81.30

Stop loss – 80.85

JPYINR: RSI (14 Period) is witnessing a bullish divergence in hourly chart. The pair turned back after taking the support at downward sloping trend channel. Immediate resistance is at around 0.6317

Our Preference: – Buy at 0.6297

Target – 0.6315

Stop loss – 0.6289